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Please help me my econ homework Suppose that the total cost function of a firm is given as follows; TC = 10,000 + 2Q2 (Q2=Q
Please help me my econ homework
Suppose that the total cost function of a firm is given as follows;
TC = 10,000 + 2Q2
(Q2=Q squared)
And the price of the firm's product is determined by the market equilibrium at $400.
a- Find the profit maximizing output level for this firm (3 points).
b- What is the total revenue (3 points)?
c- What is the total cost (3 points)?
d- What is the fixed cost (2 points)
e- What is the profit earned by the firm (3 points)?
f- Does the firm function in short-run or long-run (2 points)? Why (2 points)?
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